Karnataka is set to launch a groundbreaking initiative to support aspiring entrepreneurs who have left their jobs to pursue their business ventures. Announced by IT-BT Minister Priyank Kharge at the Moneycontrol Startup Conclave in Bengaluru on August 9, the new scheme will provide a monthly stipend of Rs 25,000 for one year to those who quit their jobs to become entrepreneurs.
Kharge emphasized that while the stipend might not fully cover all expenses due to high inflation, it aims to provide a financial cushion for domestic needs. This initiative is part of the Rajiv Gandhi Entrepreneurship Programme (RGEP), announced in the 2024-25 budget, which targets young innovators with science or engineering backgrounds. RGEP will offer financial support and mentorship from K-tech innovation hubs.
Kharge also highlighted the success of Karnataka’s Elevate programme, which supports startups by becoming their first customer if they win the programme. He mentioned that the state’s ecosystem has attracted entrepreneurs from other regions, enhancing Bengaluru’s reputation as a leading technology and innovation hub.
In addition to financial support, Karnataka is fostering global connections through the Global Innovation Alliance and sector-specific corridors, like the AI corridor with San Francisco. The state is also set to host multiple summits focusing on various challenges, from water management to clean technologies.
Kharge praised Karnataka’s commitment to nurturing startups, noting that no other state government offers such a comprehensive support system, including public procurement opportunities for startups with innovative solutions.
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